SoDEX exchange profile

SoDEX is the SoSoValue-built order-book exchange on ValueChain. Its spot and perpetual markets use an on-chain trading system, while supported external assets enter through bridge or custody routes that create mirror balances. This profile covers the exchange and its linked trading services; a SoSoValue analytics account or index product is a different service relationship.[1]

The independently tracked activity is substantial but should be read by product. On 20 October 2026, DefiLlama showed $6.457 billion of rolling 30-day SoDEX perpetual notional and $153.19 million of open interest. Its notional methodology counts traded contract value, including leverage; it is neither customer deposits nor a count of traders.[36]

The separate SoDEX spot series showed $47.02 million over 30 days, $10.62 million over seven days and $1.47 million over 24 hours on the same check date. Those are rolling token-trading measures. Combining spot turnover with leveraged derivative notional would obscure the different economic scale of the two activities.[37]

Attached take-profit and stop-loss instructions require attention to the parent order. The documented OCO pair activates after full execution, or after a partial fill followed by a system cancellation for insufficient margin. Manually cancelling a partly filled parent also cancels its children. The remaining filled position therefore needs separately confirmed exits; seeing protective values on the original ticket is insufficient.[12]

Stop-market and stop-limit instructions have different completion risks. A triggered market instruction seeks immediate execution within the applicable protections; a triggered limit instruction still needs a matching price. TP/SL triggers use the mark, so an external chart or local last trade may not trigger an exit at the same instant. Confirm the trigger, limit and reduce-only settings independently.[2]

SoDEX separates the external index from the mark used for risk. The index combines external spot observations and excludes stale inputs after the documented freshness threshold. The mark combines several reference components and drives unrealised profit and liquidation checks. A last-traded price on the local book therefore need not equal the price governing margin.[11]

Base tiers use a rolling 14-day measure: perpetual volume plus twice spot volume. The tier updates daily on UTC time. The schedule below states maker and taker percentages before staking adjustments or approved third-party builder charges. A tier boundary marked “over” requires exceeding that value.[6]

The 13 March 2026 announcement sets SOSO staking discounts from 5% at 30 tokens to 40% at 1.5 million, with intermediate thresholds. Large makers can instead qualify for rebates of 0.001%, 0.002% or 0.003% according to their share of 14-day maker volume; that rebate replaces the base maker rate rather than stacking with a staking discount. For a hypothetical $10,000 tier-0 execution, the base perpetual taker charge is $4 and spot taker charge $6.50. A qualifying 20% discount would reduce them to $3.20 and $5.20, excluding other costs.[7]

Funding settles between open longs and shorts hourly, at the top of the hour. A positive rate makes longs pay shorts; a negative rate reverses that direction. The payment uses position size multiplied by oracle price and the hourly rate. Thus a hypothetical $10,000 oracle-valued position at positive 0.01% costs a long $1 for that settlement. Funding is separate from entry and exit commissions, and changes with the rate. The documented 4% hourly cap is a limit, not a typical cost forecast.[8]

A third-party trading interface may add a builder fee after the master wallet approves its ceiling. The documented maximum is 2% for eligible spot sells and 0.2% for perpetual executions. The reported fill fee already includes the builder component, so adding it again would overstate cost. Removing a builder approval does not cancel orders already submitted under it; review and cancel those orders separately where appropriate.[28]

Multi-asset collateral applies to cross margin; isolated margin uses USDC. Published recognition ratios are 100% for USDC, 90% for BTC/ETH/XAUT, 80% for MAG7.ssi/SOL/BNB, 70% for DOGE/HYPE/XRP and 50% for SOSO. Hypothetically, $10,000 of BTC contributes $9,000 of recognised collateral. Non-USDC admission has a $500,000 discounted-value cap, with a further SOSO limit. Fees, funding and realised losses remain USDC obligations: other collateral is not automatically sold outside liquidation. A negative USDC balance reduces margin and can leave liquidation exposure even after positions close if collateral prices fall. The documented USDC deficit accrues no interest; clearing it requires adding USDC or selling collateral into USDC.[5]

For non-USDC admission, the documented cap applies to discounted value and rejects an entire transfer that would breach it; later price appreciation does not itself force a transfer out. SOSO is additionally limited to the lower of 30,000 tokens or 10,000 USDC of value. Withdrawal availability includes losses but excludes positive unrealised profit. Recognised collateral, displayed equity and immediately withdrawable USDC are therefore different amounts.[5]

Deposits first reach the Spot account. External routes and movements between Spot, Margin & Futures and ValueChain funding balances serve different purposes. The deposit guide describes transaction screening on incoming funds and destination screening on withdrawals. A transfer being visible on one layer does not establish that the final trading balance or external destination has been credited.[15]

The developer withdrawal flow distinguishes four steps: move funds from perpetuals to Spot, transfer to the ValueChain EVM balance, sign the withdrawal permit, and await release on the destination chain. The gateway can pay the ValueChain transaction gas, but that does not remove route fees. A request hash is not proof of external completion. Preserve the withdrawal identifier and reconcile the status and origin transaction before retrying after a timeout; duplicate submissions can create a second transfer. Check destination amount and any required memo or tag.[16]

The external permit is checked against the currently enabled route and its minimum withdrawal. Track both the chain submission and the final destination transfer: a successful ValueChain transaction can precede release of the original asset. Reusing a cached route fee or treating an internal transfer as the external withdrawal can leave the intended amount in the wrong stage.[16]

If a transfer fails, establish the chain, asset, amount, addresses, transaction hash, time and reported reason. The official guide points to confirmations, unsupported network or asset combinations, missing tags and compliance review as different causes. Where the interface offers a refund application, follow that specific route. A pending review should not be treated as an ordinary network delay, and the inspected guide does not provide a universal release time.[18]

Trading API activation has its own funding requirement. The developer overview describes an activation cost of one unit from a first USDC or SOSO credit. Mirror funding is a mainnet feature, whereas order development can use the test environment. Testnet order success therefore does not verify production deposits, withdrawals or real asset backing.[26]

The backing-asset page names Cobo, Ceffu and Coinbase and describes segregated custody accounts, MPC controls and one-for-one mirror representation. Those are company statements about the custody arrangement. The page uses insurance language but does not establish a customer policy limit, named insured, covered loss categories or direct claim right. Wallet-authorised trading consequently should not be confused with holding the original external asset solely under a personal key.[13]

The audit page attributes Mirror Protocol reviews to BlockSec, Halborn, Quantstamp and TenAmor, and vault reviews to BlockSec, Quantstamp and TenAmor. SoDEX says findings were remediated and revalidated. Full reports are offered on request and were not inspected for this profile. The published assessor list establishes claimed review coverage, not the absence of implementation, custody or operational risk.[14]

Cross margin shares collateral across the account; isolated margin confines the designated position to its allocation. Initial margin is position value divided by selected leverage and is unavailable for withdrawal while committed. Changing a leverage setting does not by itself create additional equity or remove risk. Moving a position between cross and isolated modes requires closing it first. Cross-account profits may support additional positions, increasing how much of the common balance is exposed.[4]

In isolated mode, adding or removing assigned margin changes the collateral actually supporting the position. Merely editing a leverage number is not the same action. In cross mode, changing leverage changes the initial-margin allocation but not total account equity. Assess the maintenance threshold and usable balances after an adjustment instead of assuming the displayed leverage change has moved the liquidation boundary as intended.[4]

If negative equity remains, automatic deleveraging can close profitable positions on the opposite side. SoDEX ranks counterparties using unrealised profit and leverage and describes closure at the preceding mark price. A trader can therefore lose an intended hedge or future exposure without submitting an exit order. The ADL process is distinct from an ordinary stop-loss and from a withdrawal restriction.[10]

ADL exposure matters particularly when the SoDEX position offsets an asset or position elsewhere: forced closure leaves that other leg open. The documented backstop account has no special priority in the counterparty ranking. A trader should reconcile actual remaining size after a deleveraging event before rebuilding or unwinding the wider hedge.[10]

Access requires age 18 or a higher local age of majority. The terms exclude specified citizenship, residence, physical-presence and corporate-control connections, including the United States and its territories, China, Singapore, Russia and the United Kingdom and its territories. Sanctions, FATF categories and local licensing restrictions add further exclusions; this is not an exhaustive country list. VPN access would not change contractual eligibility.[24]

Email onboarding uses a six-digit code and creates an associated blockchain address. The guide does not provide a complete private-key export or lost-email recovery procedure. Before relying on this route for an exit, establish which credential signs a withdrawal and how that credential can be recovered; access to email alone does not establish independent control of every asset.[19]

The official support centre provides a request form, announcements and help categories. No round-the-clock human coverage or binding response time was established from the inspected landing page. For a disputed transfer or order, keep the relevant identifier, exact time and transaction record so that support can distinguish an exchange event from a wallet, bridge or destination-chain issue.[21]

A historical v3 maintenance notice scheduled 20 April 2026, 06:00–08:00 UTC, explains how one planned outage was handled: trading went offline, marks stopped updating, liquidation and funding paused, and portfolio, vault and referral pages remained accessible. On resumption, refreshed marks could trigger liquidation. This is evidence of that maintenance policy, not a current outage or a promise that future interruptions will use identical controls.[22]

The 10 April 2026 records update introduced a My Records filter for personal vault deposits and withdrawals. It is a vault activity feature, not evidence of a consolidated trading statement or jurisdiction-ready tax report. Retain the underlying transaction data and distinguish vault movements from trade profit, funding and external transfers.[23]

The SDK documentation supports programmatic spot and perpetual workflows and WebSocket updates. A disconnected stream can leave a client with stale order or account state; reconcile through the REST interface when reconnecting. A locally displayed submission or cached position should not be treated as the authoritative final execution record.[29]

The terms identify an interface service and disclaim ownership or control of the underlying protocol. They do not establish an entity-specific financial-services permission in the material inspected. Cayman Islands governing law and arbitration are dispute provisions, not evidence of Cayman incorporation or regulatory authorisation.[24]

The dispute provisions describe a single-arbitrator process, a 30-day arbitration opt-out window and a one-year claim limitation. A help-centre request and a formal contractual claim are different procedures; preserve the governing terms and transaction records when assessing the applicable route.[24]

The trading key model distinguishes the master account from up to five registered API keys. The master registers and revokes keys and approves builders. Ordinary keys can submit and cancel orders, manage TWAPs and call the documented asset-transfer function. They should therefore not be described as read-only or assumed to have no ability to move balances. Mainnet registration requires a single deposit of at least 5 USDC to have been credited.[27]

Each signer uses its own replay-protection sequence. Reusing a nonce or confusing the API-key address with the master account identifier can produce rejected requests or incomplete queries. Revocation should be paired with an inspection of open orders and positions, because removing future signing authority does not itself provide a market exit.[27]

The Agent Skill is executable trading software, not merely a market-information assistant. It can use a locally encrypted signing profile, while watch-only operation permits inspection and previews. Its permission mask is a deny mask: set bits disable the named actions, and omitting the mask allows all supported permissions. An unsigned preflight is neither an order reservation nor a complete risk simulation. Before retrying after a restart or timeout, reconcile the local journal and exchange records; a missing local result does not prove failure. Removing the plugin does not delete its profile or journal, cancel exchange orders or close positions.[30]

The privacy policy expressly identifies Finova Holdings Limited as incorporated in the British Virgin Islands. It describes collection of wallet, transaction, device, browser, IP and location-related information for operating and protecting the service. That entity statement is the basis for the incorporation field here. It should be kept separate from the terms’ chosen dispute forum and from the broader SoSoValue brand.[25]

The same policy says the service does not store wallet passwords, private keys or seed phrases. This statement concerns the service’s data practices; it does not negate locally stored delegated keys or third-party asset custody described elsewhere. Privacy deletion requests cannot erase already public blockchain history, and retention can continue where legal obligations require it.[25]

Operator

Finova Holdings Limited

Exchange model

Hybrid

Service scope

ValueChain spot and perpetual order-book trading with external mirror-asset routes and linked vault and staking products.

Client types

Not established

Pricing publication

Public pricing

Other names

SoDEX exchange

Covered jurisdictions

British Virgin Islands

Pricing scope

Volume-tier maker and taker fees, hourly funding, possible staking adjustments and approved builder fees.

Funding scope

Crypto deposits, internal balance transfers and route-specific external withdrawals; availability and fees vary by asset and chain.

Custody and asset handling

Mirror balances rely on external backing arrangements; the custody page names Cobo, Ceffu and Coinbase.

Client eligibility

Age and territorial restrictions apply; consult the full current terms for citizenship, residence, presence and corporate-control exclusions.

Support

Official help centre and request form; response-time commitment not established.

Authorisation and registration scope

Reviewed terms do not establish an entity-specific financial-services permission.

Exchange metadata checked 20 Oct 2026Source 1Source 13Source 24Source 25

SLP supplies pooled liquidity and market-making capacity. The exposure includes the strategy’s trading outcomes and the value of contributed assets, so revenue sharing should not be interpreted as a fixed savings rate. A trader who only wants an order-book position should distinguish a vault subscription from collateral used for that position.[31]

Vault exits depend on what is requested. MAG7.ssi deposits convert to sMAG7; requesting the receipt token permits the documented immediate exit, whereas requesting underlying MAG7.ssi starts a 14-day unstaking period without vault rewards during that period. That product cooldown should not be represented as a universal delay on all exchange withdrawals.[32]

The linked SOSO staking process uses sSOSO as the redemption receipt. The FAQ describes a 14-day unstaking cooldown followed by a manual claim to the EVM funding balance. Retaining the receipt and completing the claim are separate from simply disconnecting a wallet or device. The staking mechanics and any fee discount should be assessed together when calculating the cost of obtaining and later exiting a qualifying stake.[33]

SoPoints records eligible participation and is described as a weighting mechanism for future SOSO allocations. It is not a quoted cash balance or an established withdrawable dollar bonus. A points total alone does not establish a guaranteed token quantity, redemption date or conversion price.[34]

The referral-claim notice describes a Saturday 00:00 UTC snapshot and Tuesday 12:00 UTC claim availability, subject to a 1 USDC minimum. Its extra 100% bonus was tied to the 28 March 2026 snapshot. That dated promotion should not be presented as a standing new-customer entitlement. A displayed rebate still needs to meet the applicable claim conditions before it becomes a completed payment.[35]